The Australian stock market finished slightly up today, with the benchmark S&P/ASX200 Index 10 points higher at 5619.60, while the broader All Ordinaries gained 17.9 points to 5663.7.
The Reserve Bank of Australia (RBA) Governor Glenn Stevens gave an update on the economy in the his House of Representatives Standing Committee on Economics speech in Sydney. He said the economy was slowing and inflation was not out of control, but left open the option of further interest rate rises.
QBE Insurance Group held its annual general meeting today where it confirmed it is on track to meet its profit guidance. Its shares added 74 cents or 3% to $25.34.
The banks were mixed, the Commonwealth Bank lost 10 cents to $45.40, ANZ fell 56 cents to $23.58, National Australia Bank shed 67 cents to $31.25 and Westpac fell 45 cents to $25.15.
Retailer Just Group who is the target of $900 million takeover bid from Solomon Lew said today it has appointed an independent expert to assess the bid. Its shares moved 11 cents down to $4.05.
The retailers were mixed, with Woolworths gaining 30 cents to $30.61, Harvey Norman losing 2 cents to $4.02 and David Jones shedding 7 cents to $3.71.
Wesfarmers gained 1 cent to $39.33 after the company raised about $710 million in a bond issue to refinance its acquisition of Australia’s second largest retailer Coles.
Newcrest announced it has agreed to sell its stake in Queensland gold mine to Beadell Resources for $200 million, propelling its shares 55 cents to $33.99 while share in Beadell were unchanged at 27.5 cents.
